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New York Apartments Sell For $10 Each

If you live in New York City, you know exactly how awful rent prices have become. In fact, there are entire Tumblr and WordPress pages setup to showcase the crappy rental spaces that often cost thousands of dollars per month to secure. Yet, for nine New York residents, the price was just right. That’s because they were given multi-million dollar digs for just $10. That’s slightly lower than the average New York City apartment rental, which runs $3,418.

The nine residents were given the $10 spaces when BFC Partners decided to demolish their homes above Mars Bar and turn it into a 65-unit residential development at 21 E. First St. in the East Village.

Residents were told they wouldn’t be displaced and could purchase an apartment at Jupiter 21 for just $10.

Residents had to find temporary living quarters for a couple years while the building was developed; after that, they were able to purchase the apartments tax-free.

According to BFC Partners’ Joseph Ferrara:

“If it wasn’t for the existing residents that were living in a very dilapidated building prior to us constructing Jupiter 21, we would never have a project at this location. We felt we owed it to them to replace their home with a brand new, modern apartment in a building that is being well-received into the community. We hope the existing and new residents thrive in their new environments and enjoy all the amenities that Jupiter 21 has to offer.”

While the new residents are forbidden from selling their apartments, they can rent out their digs, which rent from $3,000 to $10,000 per month.

With a garden, washers and dryers, hardwood floors, a rooftop lounge, and over-sized windows, we’re pretty sure the old Mars Bar residents are more than happy to be living in apartments that were likely out of their price range several years prior.

Sure, they have $10 apartments, but I would hate to be responsible for the property taxes on the new digs, especially in New York City.

Are you jealous of the residents who received new $10 New York City apartments?